Exhibit 99.3 ASML - Summary US GAAP Consolidated Statements of Operations | | Three months ended, | | | --- | --- | --- | | | Mar 31, | Mar 30, | | (unaudited, in millions €, except per share data) | 2024 | 2025 | | Net system sales | 3,965.9 | 5,740.4 | | Net service and field option sales | 1,324.1 | 2,001.1 | | Total net sales | 5,290.0 | 7,741.5 | | Total cost of sales | (2,593.4) | (3,561.8) | | Gross profit | 2,696.6 | 4,179.7 | | Research and development costs | (1,031.9) | (1,161.1) | | Selling, gen ...

Exhibit 99.2 Chunghwa Telecom Co., Ltd. and Subsidiaries Consolidated Financial Statements for the Years Ended December 31, 2024 and 2023 and Independent Auditors' Report REPRESENTATION LETTER The entities that are required to be included in the consolidated financial statements of affiliates in accordance with the "Criteria Governing Preparation of Affiliation Reports, Consolidated Business Reports and Consolidated Financial Statements of Affiliated Enterprises" for the year ended December 31, 2024 are all ...

Sales and Revenue - Jewelry sales accounted for 8.9% of consolidated net sales in fiscal year 2025[33] - The Company's licensed brands accounted for 55.9% of net sales for the fiscal year ended January 31, 2025[123] - The second half of the fiscal years ended January 31 accounted for 55.4%, 54.2%, and 54.0% of the company's net sales for 2025, 2024, and 2023, respectively[56] - Approximately 57.4% of the Company's revenue is generated from international sources[97] - The Company's International operations account for 31.0% of total net sales from Europe, 9.9% from the Americas (excluding the U.S.), 8.9% from Asia, and 7.6% from the Middle East for fiscal 2025[211] Marketing and Advertising - Marketing expenses were 22.4%, 19.4%, and 17.0% of net sales in fiscal years 2025, 2024, and 2023, respectively[48] - The Company focuses on digital marketing and enhancing its online presence through social media and influencer partnerships[48] - The company emphasizes cooperative advertising programs with wholesale customers, enhancing relationships and facilitating new product introductions[58] - Marketing expenditures are strategically aligned to maintain or increase market share in key markets, influenced by global economic conditions[221] Business Segments and Operations - The Company operates primarily in two segments: Watch and Accessory Brands, and Company Stores[49] - The Watch and Accessory Brands segment includes the design, manufacturing, and distribution of quality owned and licensed brands[50] - The Company operates 52 retail outlet locations in the U.S. and four in Canada, along with an online outlet store[54] - The Company operates major distribution centers in New Jersey and Switzerland, and any interruptions at these facilities could materially affect its business operations[147] Supply Chain and Manufacturing - The company employs a flexible manufacturing model relying on independent manufacturers, maintaining quality control through strict standards and inspections[63] - Over 80% of the Company's product unit volume originates from Asia, with the majority coming from China[96] - The Company relies on independent manufacturers for product assembly, and any disruption in their supply chain could adversely affect customer relations and net sales[145] - The Company's cost of sales includes raw materials, component costs, royalties, and logistics management, primarily in Switzerland and Asia[218] Financial Performance and Risks - The Company faces risks related to the increasing costs of digital advertising, which could adversely affect profitability and results of operations[120] - Changes in sales mix towards lower-margin products could adversely impact gross profit margins[124] - An increase in product returns or lost products could negatively impact the Company's operating results and profitability, with recent trends showing an increase in delivery delays and lost packages[144] - The Company may seek to raise prices for products sold in the U.S. due to increased tariffs, which could result in customer loss and harm operating performance[103] Legal and Regulatory Issues - The Company is involved in legal proceedings that may result in significant expenses and reputational damage, with potential settlements exceeding accruals[164] - The Company identified a material weakness in internal controls over financial reporting, leading to restatements of financial statements for the affected periods[168][169] - Remediation of the identified material weakness requires significant resources and could result in future errors in financial statements if not addressed[171] - The Company has established reserves for potential legal claims, including a $5.1 million dispute with U.S. Customs regarding underpaid duties[190] Corporate Governance and Ownership - The Grinberg family controls a majority of the voting power of the Company's stock, potentially influencing key corporate decisions[174] - The Company's stock price may fluctuate due to changes in revenue and operating results, which are influenced by various risk factors[175][176] Cybersecurity and Data Protection - The Company has not experienced any material cybersecurity incidents in the last three fiscal years, indicating effective risk management[183] - The Audit Committee oversees management's strategies for addressing cybersecurity risks, receiving quarterly updates on the status of these risks[184] - A significant privacy breach could lead to costly government enforcement actions and private litigation, adversely impacting sales and operations[163] - The Company is subject to evolving privacy and data protection laws, which could materially affect its operations and financial results[162] Economic and Environmental Factors - Environmental factors and climate change could lead to increased operational expenses and negatively impact profitability[138] - Recent tariff increases on imports by the U.S. government may lead to reciprocal tariffs from foreign jurisdictions, creating greater uncertainty in the global economy[161]

Financial Performance - Net sales for Q1 2025 were $2,578 million, a decrease of 1.4% compared to $2,615 million in Q1 2024[14] - Gross profit increased to $478 million in Q1 2025, up 7.9% from $443 million in Q1 2024[14] - Operating income rose to $254 million, reflecting a 30.9% increase from $194 million in the same period last year[14] - Net income attributable to controlling interest was $167 million, compared to $126 million in Q1 2024, marking a 32.5% increase[14] - Basic net earnings per share increased to $2.15, up from $1.53 in Q1 2024, representing a growth of 40.5%[14] - Total comprehensive income for the first quarter of 2025 was $175 million, up from $85 million in the first quarter of 2024, indicating a significant improvement in overall financial performance[26] Assets and Liabilities - Total assets as of March 31, 2025, were $8,114 million, an increase from $7,804 million at the end of 2024[21] - Cash and cash equivalents decreased to $322 million from $330 million at the end of 2024[21] - As of March 31, 2025, total equity increased to $2,361 million from $2,285 million at December 31, 2024, reflecting a growth of approximately 3.3%[26] - Total inventories as of March 31, 2025, were $999 million, a slight decrease from $1,003 million as of December 31, 2024[62] - The company’s total short-term debt as of March 31, 2025, was $540 million, compared to $541 million as of December 31, 2024[53] Cash Flow and Dividends - Net cash provided by operating activities was $77 million, down from $122 million in Q1 2024[25] - The company declared a cash dividend of $0.70 per share, up from $0.68 in Q1 2024[14] - Cash dividends declared in the first quarter of 2025 amounted to $54 million, consistent with the previous year's first quarter[26] - The company repurchased and retired shares worth $50 million in the first quarter of 2025, compared to $161 million in the same period of 2024, showing a reduction in share buyback activity[26] Expenses and Costs - Research, development, and engineering expenses (net) for the three months ended March 31, 2025, were $95 million, down from $113 million in 2024[98] - The company recorded approximately $7 million in stock-based compensation expense for the three months ended March 31, 2025, compared to $3 million for the same period in 2024[87] Tax and Reserves - The effective tax rate for the three months ended March 31, 2025, was 28.0%, an increase from 27.0% for the same period in 2024[57] - The company recorded a net increase of $1 million to income tax reserves for unrecognized tax benefits during the three months ended March 31, 2025[60] - The restructuring reserve balance as of March 31, 2025, was $121 million, primarily related to a global structural cost reduction program initiated in Europe in 2023[63] - The reserve for product-related liabilities as of March 31, 2025, was $71 million, compared to $78 million as of March 31, 2024[69] Legal and Compliance - The company is currently involved in civil litigation in the UK and Germany related to alleged anti-competitive behavior, with a potential loss range of €0 to €95 million from a complaint filed by BMW[73] - The company anticipates potential losses related to the NHTSA recall decision affecting approximately 52 million airbag inflators, with no accrual made at this time[80] - The Honda Buckle Recall involved approximately 449,000 vehicles, with an estimated excess of $12 million in product liability accrual over insurance receivables[82] - The company has determined that a loss is reasonably possible with respect to the ZF Inflator Recall, estimating potential losses between $0 to $43 million[83] Segment and Reporting Changes - The company has one reportable segment, which includes airbag and seatbelt products and components, indicating a focused operational strategy[29] - The company adopted ASU 2023-07 in Q4 2024, enhancing segment disclosures, which may impact future financial reporting transparency[34] - The company is currently assessing the impact of ASU 2024-03 on its financial statements, which will require additional disclosures about specific expense categories starting in 2026[37] Derivatives and Interest - Gains from derivatives not designated as hedging instruments were $28 million for the three months ended March 31, 2025, compared to $10 million in the same period of 2024, indicating improved performance in risk management[45] - The company reported a loss of $1 million in interest expense related to derivatives for the first quarter of 2025, contrasting with a gain of $1 million in the same quarter of 2024[46]

Financial Performance - Earnings per share for Q1 2025 was $0.98, an increase of 19.5% from $0.82 in Q1 2024[2] - Net income for Q1 2025 was $131.6 million, up from $112.7 million in Q1 2024, but down from $136.1 million in Q4 2024[2] - The return on average assets was 1.69%, while the return on average equity was 15.82%[7] - For Q1 2025, net income was $131.6 million, down from $136.1 million in Q4 2024 but up from $112.7 million in Q1 2024[24] - The effective tax rate for the company was 21.9% in the current quarter, consistent with the same quarter last year[43] Income and Revenue - Net interest income reached a record $269.1 million, reflecting a $2.5 million increase from the prior quarter and a 7.7% increase year-over-year[5] - Non-interest income totaled $158.9 million, a 6.8% increase compared to Q1 2024, with trust fees growing 10.7% to $57 million[5] - Total non-interest income for Q1 2025 was $158.9 million, an increase of $10.1 million or 6.8% year-over-year[34] - Trust fees increased by $5.5 million or 10.7% compared to the same period last year, driven by higher private client fees[36] Assets and Liabilities - Total assets as of March 31, 2025, were $32.4 billion, an increase of $368.3 million, or 1.2%, from the prior quarter[7] - Total assets increased to $32,364,964 thousand as of March 31, 2025, up from $31,996,627 thousand at December 31, 2024, representing a growth of 4.3%[16] - The total liabilities increased to $28,866,562 thousand from $28,664,152 thousand, reflecting a growth of 0.7%[16] Loans and Deposits - Average loan balances increased by 1.0% to $17.2 billion compared to the prior quarter[7] - Total loans reached $17,379,421 thousand, a slight increase from $17,220,103 thousand in the previous quarter, reflecting a growth of 0.9%[16] - Net loans amounted to $17,212,390 thousand, up from $17,057,361 thousand, indicating a quarter-over-quarter increase of 0.9%[16] - Total deposits rose to $25,841,797 thousand, compared to $25,293,644 thousand at the end of the previous quarter, marking a growth of 2.2%[16] - Total average deposits decreased by $83.7 million, with significant declines in demand deposits and certificates of deposit[27] Expenses and Efficiency - Non-interest expense decreased by 3.0% to $238.4 million compared to Q1 2024[5] - Non-interest expense decreased to $238.4 million from $245.7 million year-over-year, mainly due to the absence of litigation settlement expenses[39] - The efficiency ratio improved to 55.6%, down from 61.67% in Q1 2024[9] Credit Quality - The allowance for credit losses on loans increased to $167.0 million, with a ratio of 0.96% to total loans[7] - The allowance for credit losses on loans was $167,031 thousand, slightly higher than $162,742 thousand in the previous quarter, indicating a proactive approach to risk management[16] - The provision for credit losses on loans was $15.1 million, up from $12.6 million in the previous quarter[22] - Non-accrual loans to total loans ratio increased to 0.13% from 0.11% in the previous quarter[22] - Net loan charge-offs for Q1 2025 were $10.8 million, with an annualized charge-off ratio of 0.25%[44] Capital and Dividends - Stockholders' equity increased to $3,498,402 thousand, up from $3,332,475 thousand, reflecting a growth of 5.0%[16] - The company maintained a stable capital surplus of $3,381,960 thousand, slightly down from $3,395,645 thousand in the previous quarter[16] - The company paid a cash dividend of $0.275 per common share, reflecting a 7.0% increase year-over-year[49] Securities and Investments - Investment securities totaled $9,601,068 thousand, an increase from $9,462,380 thousand, representing a growth of 1.5%[16] - Total average available for sale debt securities rose by $66.1 million to $9.2 billion, primarily due to higher U.S. government and federal agency obligations[26] - The unrealized loss on available for sale debt securities decreased by $157.7 million to $832.9 million at the end of the quarter[26] - Net securities losses amounted to $7.6 million, a significant decline from gains of $977 thousand in the prior quarter[38] Interest Rates - The net yield on interest earning assets increased to 3.56%, up from 3.49% in the prior quarter[29] - Interest expense decreased by $7.5 million to $1.89% from 2.04% in the prior quarter, primarily due to lower average rates on deposits[33]

Financial Performance - Net premiums written for March 2025 reached $9,041 million, a 17% increase from $7,746 million in March 2024[2] - Net premiums earned for the quarter ended March 31, 2025, were $19,409 million, reflecting a 20% growth compared to $16,149 million in the same quarter of 2024[2] - Net income for the month of March 2025 was $522 million, a decrease of 42% from $893 million in March 2024; however, year-to-date net income increased by 10% to $2,567 million from $2,331 million[2][6] - The company reported total revenues of $20,409 million for the year-to-date period, a 18% increase from $17,243 million in the same period of 2024[6] - Net Premiums Written (NPW) increased by 20% year-to-date, totaling $22,206 million, with a growth of 17% in Vehicles and 25% in Personal Lines Business[12] - Net Premiums Earned (NPE) grew by 20% year-to-date, reaching $19,409 million, with a 23% increase in Companywide performance[12] Operational Efficiency - The combined ratio for March 2025 was 90.9, up from 84.3 in March 2024, indicating a deterioration of 6.6 percentage points[2] - The combined ratio improved to 86.0%, down from 87.5% in the previous period, indicating better operational efficiency[12] - The loss and loss adjustment expense ratio for the month was 69.8%, compared to 70.9% in the previous year, showing improvement[10] - The loss/LAE ratio for the calendar year stands at 65.8%, reflecting effective claims management[12] Shareholder Information - Shareholders' equity is reported at $28,954 million, with a book value per common share of $49.39[14] - The company achieved a trailing 12-month return on average common shareholders' equity of 34.2%[14] - The debt-to-total capital ratio is at 19.2%, indicating a strong capital structure[14] Future Outlook and Engagement - The company plans to release April results on May 21, 2025, before market opens, signaling ongoing transparency in financial reporting[17] - The first quarter Investor Relations conference call is scheduled for May 6, 2025, providing an opportunity for stakeholder engagement[16] Innovation and Customer Experience - Progressive continues to innovate with tools like Name Your Price and Snapshot, enhancing customer experience and competitive positioning[18] Policy Growth - Policies in force for personal lines increased by 18% year-over-year, totaling 35,130 thousand policies as of March 31, 2025[2]

Financial Performance - For the year ended December 31, 2024, the company reported revenue of $87.445 million, a decrease of 19.7% from $108.938 million in 2023[411]. - Revenue for 2024 decreased to $87.5 million from $108.9 million in 2023, a decline of 19.7%[451]. - Net income for 2024 was $43.7 million, down 37.0% from $69.4 million in 2023, primarily due to reduced ownership days after the sale of the vessel P. Kikuma[450]. - Daily operating expenses increased to $7,712 in 2024, up 2.3% from $7,537 in 2023[411]. - Vessel operating expenses decreased to $19.8 million in 2024 from $21.9 million in 2023, a reduction of 9.6%[453]. - Net cash provided by operating activities in 2024 was $59.9 million, down from $68.0 million in 2023[467]. - Cash and cash equivalents increased to $71.3 million in 2024 from $68.3 million in 2023[466]. Fleet and Operational Metrics - Fleet utilization improved to 99.2% in 2024, compared to 98.7% in 2023[411]. - Ownership days decreased to 2,562 in 2024 from 2,901 in 2023, indicating a reduction in fleet size or operational capacity[411]. - Available days also decreased to 2,525 in 2024 from 2,830 in 2023, reflecting less operational availability of the fleet[411]. - Operating days fell to 2,506 in 2024, down from 2,793 in 2023, indicating reduced revenue-generating days[411]. Debt and Financing - The company’s aggregate outstanding debt as of December 31, 2024, was $47.7 million[421]. - As of December 31, 2023, the company had $55.2 million of long-term debt outstanding under bank loan facilities[475]. - The company refinanced the Nordea Facility on August 7, 2023, with an outstanding balance of $17.9 million, entering into a Revolving Credit Facility of up to $20.0 million[482]. - As of December 31, 2024, the outstanding balance on the Nordea RCF was $15.8 million[483]. - The company completed a voluntary prepayment of approximately $44.6 million of existing loans with Piraeus Bank on December 18, 2023, resulting in no outstanding amounts under Piraeus Bank loans[490]. - The company has financial covenants requiring maintenance of minimum cash liquidity of $10.0 million as of December 31, 2024[500]. Market Conditions and Expectations - The ongoing war in Ukraine has caused volatility in the tanker market, but the company's contracts have not yet been adversely affected[509]. - Global crude oil demand increased by 0.8% in 2024 and is projected to rise by 1.0% in 2025, reaching 104.1 million barrels per day[505]. - Seaborne crude oil trade is expected to grow by 1.6% in 2025, driven by a recovery in OPEC+ oil production, reaching 39.7 million barrels per day[505]. - Crude tanker dwt demand is projected to grow by 1.3% in 2025, while the crude tanker fleet is expected to grow marginally by 0.8%[506]. Asset Valuation and Impairment - The company has not recorded any impairment charges for its vessels in 2024, 2023, and 2022, despite market value volatility[429]. - As of December 31, 2024, the aggregate carrying value of all vessels exceeded their aggregate charter-free market values by approximately $88.5 million[430]. - The total carrying value of vessels decreased from $203.9 million as of December 31, 2023, to $192.0 million as of December 31, 2024, representing a reduction of approximately 5.9%[435]. - The carrying values of individual vessels were all above their charter-free market values as of the reporting dates[430][431]. - The company assessed no indications for potential impairment of any vessels for the years 2024, 2023, and 2022[448]. Future Plans and Capital Expenditures - The company expects general and administrative expenses to remain stable in 2025, although inflation may lead to increases[419]. - The company expects to draw down approximately $134.6 million under sale and leaseback agreements in the upcoming 12 months[465]. - The company entered into a shipbuilding contract for a product/crude oil tanker with a gross contract price of $63.3 million, expecting delivery in Q3 2025[499]. - The company entered into two shipbuilding contracts for two 114,000 DWT LNG-ready LR2 Aframax tankers at a gross purchase price of $64.8 million per vessel, with delivery expected in Q3 2025 and Q1 2026[501]. - A contract was signed for a scrubber fitted 75,000 DWT LR1 chemical/product oil tanker at a gross price of $56.5 million, with delivery expected in Q1 2027[502]. - The company expects to incur additional capital expenditures for vessel surveys, which may reduce operating days and increase cash flow needs[503]. Other Financial Metrics - Interest and finance costs significantly dropped to $1.4 million in 2024 from $9.6 million in 2023, an 85.4% decrease, due to lower average debt and interest rates[458]. - General and administrative expenses rose to $8.3 million in 2024 from $8.0 million in 2023, attributed to increased legal costs[455]. - Approximately 60% of general and administrative expenses were incurred in currencies other than the U.S. dollar in 2024, primarily in Euros[636].

Financial Performance - First quarter earnings for Plumas Bancorp were $7.2 million, or $1.21 per share, up from $6.3 million, or $1.06 per share in Q1 2024[1] - Net income for the three months ended March 31, 2025, was $7.2 million, reflecting an increase of $926 thousand or 14.8% from $6.3 million in the same period of 2024[41] - Basic earnings per share increased to $1.21, up 14.2% from $1.06 in Q1 2024[41] - Basic earnings per share for Q1 2025 was $1.21, a decrease of 7.6% from $1.31 in Q4 2024 and an increase of 14.2% from $1.06 in Q1 2024[43] Income and Expenses - Net-interest income increased by $1.1 million to $18.5 million, compared to $17.4 million in Q1 2024[2] - Non-interest income rose by $1.1 million to $3.2 million, primarily due to a legal settlement related to the Dixie Fire[3] - Total non-interest income increased by 50.1% to $3,213 thousand in Q1 2025, compared to $2,140 thousand in Q1 2024[51] - Total non-interest expense increased by $1.1 million from $10.4 million in Q1 2024 to $11.5 million in Q1 2025, representing a 10.3% increase[33][41] - Salaries and employee benefits rose by 9.6% to $5,880 million compared to $5,366 million in the previous year[52] - Professional fees decreased significantly by 47.8% to $229 million from $439 million in the prior year[52] Asset and Loan Growth - Gross loans increased by $35 million, or 3.5%, to $1.0 billion[8] - Loans, net of allowance for credit losses, increased by $34.5 million or 3.6% from $966.1 million in Q1 2024 to $1.00 billion in Q1 2025[39] - Total gross loans reached $1,010,723 million, a growth from $976,212 million in the same period last year[54] - Commercial real estate loans increased to $660,926 million, up from $562,870 million, representing a significant growth[55] - Agricultural loans decreased to $112,018 million, down from $123,239 million, reflecting a decline in this category[54] Deposits and Equity - Total deposits increased by $73 million, or 5.6%, to $1.4 billion at March 31, 2025[12] - Deposits increased by $73.4 million or 5.6% from $1.30 billion in Q1 2024 to $1.37 billion in Q1 2025[39] - Total deposits increased to $1,373,061 million, up from $1,299,688 million, indicating a positive trend in deposit growth[56] - Total shareholders' equity increased by $26 million, or 16.2%, to $188 million[20] - Shareholders' equity increased by $26.1 million or 16.2% from $161.5 million in Q1 2024 to $187.6 million in Q1 2025[39] - Shareholders' equity increased to $187,603 thousand in Q1 2025, up from $161,491 thousand in Q4 2024[43] Credit Quality - The provision for credit losses decreased to $250 thousand from $821 thousand in Q1 2024[15] - Provision for credit losses decreased significantly by $571 thousand or 69.5% from $821 thousand in Q1 2024 to $250 thousand in Q1 2025[41] - Nonperforming loans decreased to $3.7 million, or 0.36% of total loans, down from $5.6 million, or 0.57% in Q1 2024[14] - Nonperforming loans decreased to $3,686 thousand, or 0.36% of total loans, compared to $5,610 thousand and 0.57% in Q1 2024[43] - The allowance for credit losses was $13,319 thousand, representing 1.32% of total loans, slightly down from 1.35% in Q4 2024[43] Mergers and Acquisitions - The company signed a definitive agreement to acquire Cornerstone Community Bancorp, which will create a combined entity with over $2.3 billion in assets[7] - The company incurred $569 million in merger and acquisition expenses, marking a 100% increase as this was not present in the previous year[52] Efficiency and Ratios - Net interest margin increased by 33 basis points to 4.95% from 4.62% in Q1 2024[31] - The net interest margin improved to 4.95% in Q1 2025, compared to 4.90% in Q4 2024[43] - The efficiency ratio for Q1 2025 was 52.7%, up from 50.4% in Q4 2024, indicating a decline in operational efficiency[43] - The Tier 1 Leverage Ratio improved to 12.3% in Q1 2025, compared to 11.0% in Q4 2024[43] Other Financial Metrics - Total assets decreased slightly by $7.0 million or 0.4% from $1.64 billion in Q1 2024 to $1.63 billion in Q1 2025[39] - Total assets were $1,630,198 thousand as of March 31, 2025, slightly up from $1,626,198 thousand as of December 31, 2024[46] - Cash dividends paid per share increased to $0.30 in Q1 2025, up from $0.27 in Q4 2024[43] - Non-interest bearing deposits accounted for 49.3% of total deposits, slightly down from 51.2% in the previous year[56] - Money market deposits grew to $290,125 million, a 35.4% increase from $214,257 million in Q1 2024[56]

Financial Performance - Marten Transport reported net income of $4.3 million, or $0.05 per diluted share, for Q1 2025, down from $9.6 million, or $0.12 per diluted share, in Q1 2024[2][12]. - Operating revenue decreased to $223.2 million in Q1 2025 from $249.7 million in Q1 2024, representing a decline of 10.6%[3][14]. - Operating income fell to $5.9 million in Q1 2025, down 52.2% from $12.3 million in Q1 2024, with operating expenses as a percentage of revenue increasing to 97.4%[4][14]. - Truckload revenue, net of fuel surcharges, decreased by 5.2% to $90.1 million, while dedicated revenue dropped by 14.8% to $73.6 million[14]. - Net cash provided by operating activities decreased to $36,215,000 from $45,722,000, a decline of 20.5% year-over-year[16]. Market Conditions - The company faced significant pressure from the freight market recession, inflationary operating costs, and reduced freight rates, impacting overall performance[5]. - The company is focused on minimizing the impact of the freight market and positioning operations for organic growth opportunities amid economic volatility[5][7]. Asset and Liability Management - Total current assets increased to $162.5 million as of March 31, 2025, compared to $138.5 million at the end of 2024[10]. - Total liabilities rose to $215.8 million as of March 31, 2025, up from $200.8 million at the end of 2024[10]. Operational Metrics - Truckload segment revenue decreased to $104,391,000 from $111,551,000, a decline of 6.5% year-over-year[16]. - Average revenue per tractor per week in the truckload segment increased to $4,196 from $3,996, a rise of 5.0%[16]. - Dedicated segment revenue decreased to $73,625,000 from $86,460,000, a decline of 15.0% year-over-year[16]. - Intermodal segment revenue decreased to $12,117,000 from $15,972, a decline of 24.0% year-over-year[16]. - Total tractors decreased to 3,040 from 3,406, a reduction of 10.7% year-over-year[16]. - Average age of company tractors increased to 2.0 years from 1.9 years[16]. - Total trailers decreased to 5,331 from 5,619, a reduction of 5.1% year-over-year[16]. - Non-revenue miles percentage in the truckload segment improved to 11.2% from 12.6%[16]. Investment and Growth Strategy - Marten Transport continues to invest in its multifaceted business model, which includes temperature-sensitive and dry truckload services across the U.S., Mexico, and Canada[6]. - Net cash used for investing activities improved to $(8,413,000) from $(20,249,000)[16]. Recognition and Awards - Marten Transport was certified as a TCA Elite Fleet – 2025 Best Place to Drive, highlighting its commitment to driver support and competitive compensation[5].

Refinery Operations - Valero Energy Corporation's subsidiary plans to idle or cease operations at the Benicia Refinery by the end of April 2026[6] Impairment Charges - A combined pre-tax impairment charge of $1.1 billion was recorded for the Benicia and Wilmington refineries, expected to be treated as a special item[7] - The impairment charge includes $337 million for expected asset retirement obligations as of March 31, 2025[7]